Prosper calls for bold action to unlock Scotland’s full economic potential

Prosper has welcomed the UK Government’s newly published Industrial Strategy as a significant step toward long-term economic renewal but has urged policymakers to go further in unlocking Scotland’s unique strengths in clean energy, financial services, AI, defence and advanced manufacturing.

The 10-year strategy, unveiled by the Department for Business and Trade, outlines a comprehensive plan to boost investment, productivity, and innovation across eight high-growth sectors. It includes targeted support for city regions and clusters, with Scotland recognised as a key player in the UK’s clean energy transition and defence sectors.

Prosper’s Chief Executive Sara Thiam said: “This strategy rightly acknowledges the need for a more active, place-based approach to industrial policy. Scotland’s strengths in offshore wind, carbon capture, and advanced manufacturing are vital to the UK’s clean power mission. But to truly deliver for Scottish communities, we need bold, coordinated investment in infrastructure, skills, and innovation too.”

In addition to supporting the commitments to Acorn Carbon Capture and Storage, Inverness and Cromarty Green Freeport business case and Edinburgh supercomputer announced in the recent Spending Review, Prosper welcomes:

Long term partnership with business including reduced electricity costs, increased business investment, funding for innovation and procurement reform;

• A strategic sites accelerator and new AI Growth Zones
• A Global Talent Taskforce to attract the world’s best researchers, investors and entrepreneurs with visa reforms
• Investment to harness data’s economic potential
• A Clean Energy Workforce Strategy and regional skills pilot in Aberdeen;

To unlock these ambitions Prosper is also calling for:

• Early decisions on energy market reforms which are supportive of and enable investment in Scottish clean power projects and accelerated grid investment.
• Confirmation that Scotland will become home to at least 2 of the proposed AI growth zones;
• A stronger role for Scottish institutions in future in shaping sector plans and investment priorities;
• Greater fiscal flexibility for devolved and local authorities to deliver long-term growth.

“Scotland has the talent, the infrastructure, and the ambition. What we need now is a genuine partnership between governments, business, and communities to deliver inclusive, sustainable growth.” Ms Thiam added.

Prosper will continue to work with partners across the public and private sectors to ensure Scotland’s strengths are harnessed in the implementation of the UK’s Industrial Strategy.